Talks to draft comprehensive legislation for stablecoin payments in the US have temporarily stalled.
It was the attitude of the Republican legislators that the negotiations on the legislation on stablecoin payments stopped. Republican lawmakers blamed the White House for some actions.
Discussions on stablecoin payments legislation in the US halted due to exit of Republican lawmakers
Talks to establish a comprehensive regulatory framework for stablecoin payments in the US have stalled for now as top Republicans hold the White House accountable for the impasse. House Financial Services Chairman Patrick McHenry explained that the negotiations on stablecoin legislation have stalled, at least temporarily, due to opposition from the White House.
McHenry noted that the White House did not take an immediate approach to the process after initiating a public discussion and change process meeting on stablecoin legislation before the Committee. While this did not cause the negotiations to come to a complete halt, it seems to have affected its progress.
The negotiation process made it possible for stablecoin legislation to receive more bipartisan support than Wednesday’s crypto market structure bill, which was approved by six Democrats and all Republicans in the committee. But that prospect has been weakened by the White House’s approach.
Evaluating the version of the legislation, Democrat representative Maxine Waters criticized the bill in its current form as “extremely problematic and bad for America.” She expressed concerns that companies could issue digital currencies because of a provision that allows state regulators to approve stablecoin issuances without the Federal Reserve. She also noted that the Federal Reserve and the Treasury also did not support the bill, nor did they have the support of their inclusion in stablecoins.
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